Robert and anne, a married couple filing jointly, have an adjusted gross income of $68,676. They claim two exemptions, and can d
1 answer:
If a married couple filing jointly claiming exemptions & deductions as per the federal law then their total taxable income will be $44940. Option C is correct.
<h3>What is total taxable income?</h3>The portion of gross adjusted income of an individual or jointly if married considered as "taxable income" which used to assess the tax liability for a certain tax year. It can be roughly defined as adjusted gross income (AGI) less permissible standard or itemized deductions.
This can be calculated by the following formula for married couples:
TTI = $68676 (AGI) - $3752 - $3375 (exemptions) - $959 (Itemized Deduction) - $8350 - $3650 -$3650 (standard deduction & exemption as per law)
Therefore, the Total Taxable income of couple = $44940
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Answer:
no surplus or shortage
Explanation:
Equilibrium price is the price at which quantity demand equal quantity supplied. Above equilibrium price there is a surplus - quantity supplied exceeds quantity demanded.
Below equilibrium price there is a shortage - quantity demanded exceeds quantity supplied
If demamd increases by 100, new equilibrium is 40
Thus, ceiling price equal equilibrium
Price ceiling is when the government or an agency of the government sets the maximum price for a product. It is binding when it is set below equilibrium price.
Effects of a binding price ceiling
It leads to shortages
it leads to the development of black markets
it prevents producers from raising price beyond a certain price
It lowers the price consumers pay for a product. This increases consumer surplus
